Months Supply of Inventory on the Virginia Peninsula is the lowest it has been in a long time! What does this mean?
A balanced real estate market is around a 6 month supply of inventory. We are currently at 5.7 months on the Virginia Peninsula. This means that if no new houses entered the market, it would take 5.7 months for all of the homes currently for sale to go under contract.
The challenge we are seeing right now is that a lot of the homes on the market have been passed over by buyers, either because of price or condition. Being the number of new homes coming on the market is down, there are not a lot of choices for the buyer.
When buyers don't have many choices, they are being forced into multiple offer scenarios, something we haven't seen on the Peninsula in years.
Are you thinking about selling your home this Spring? Now could be the time! Email us at concierge@lizmoore.com, or click below, and we can prepare a complimentary analysis of market value for you – you just may be pleasantly surprised.
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